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Rock Tech Lithium Inc. (OTCQX: RCKTF) is a cleantech company operating in Canada and Germany with a focus on producing lithium hydroxide for electric vehicle batteries. The company plans to construct lithium converters near its customers to ensure transparent supply chains and timely delivery. Starting with the proposed lithium hydroxide converter and refinery facility in Guben, Germany, Rock Tech aims to establish the second converter in Red Rock, Ontario, Canada. By sourcing raw materials from its Georgia Lake spodumene project and other environmentally responsible mines, Rock Tech aims to address the critical gap in sustainable mobility by creating a closed-loop lithium production system.
Rock Tech Lithium Inc. has been awarded up to CAD 1.4 million in funding from the Government of Canada's Critical Minerals Infrastructure Fund (CMIF). The funding, pending final due diligence, will be used to upgrade and extend the Fairloch Lake Road, facilitating the transportation of lithium from the Georgia Lake Project mine site to the proposed Lithium Converter facility in Red Rock, Ontario.
Rock Tech is one of four critical minerals projects in Northern Ontario selected for this funding. The company has engaged Lake Nipigon Forest Management, a cooperative of local First Nations, to complete the road construction. CEO Dirk Harbecke highlighted the strategic location of the Georgia Lake project, noting its extensive existing infrastructure and resulting lower development costs compared to more remote projects.
Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) has announced the closing of a non-brokered private placement of units. The company issued 2,761,498 units at a price of $1.20 per unit, raising aggregate gross proceeds of $3,313,798. Each unit consists of one common share and one common share purchase warrant, exercisable at $1.59 per share for 36 months.
The funds will be used to finance the development of Rock Tech's North American Converter project, further develop the company's recycling strategy, and for general corporate purposes. Rock Tech paid finder fees of $28,440 to an arm's-length party in connection with the offering.
Konstantin Burger, VP Investor Relations, stated that this financing allows Rock Tech to remain strategically agile, progress work on using recycled material in their Converters, and secure their cash runway. Negotiations with strategic and financial investors for investments in the Guben project and additional subsidies are ongoing.
Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) has completed a Scoping Study for a Lithium conversion facility in Ontario, Canada, with a post-tax NPV(8) of CAD 2.3b and IRR of 22.2%. The proposed Converter will produce up to 32 ktpa LCE using Rock Tech's and third-party feedstock. Key highlights include:
- 25-year life-of-project
- CAPEX of CAD 1.6b
- Conversion OPEX of CAD 6.2k (excluding raw materials)
- Spodumene Concentrate price forecast: USD 1.8k
- LCE sales price forecast: USD 31k
The study leverages Rock Tech's experience from its German Converter project, with up to 80% of basic engineering applicable to the Canadian facility, potentially reducing costs and accelerating development.
Rock Tech Lithium (TSXV: RCK) (OTCQX: RCKTF) announces its participation in several upcoming industry conferences. The company's senior leadership will attend events in Germany, the Netherlands, the UK, and Belgium from September to October 2024. These conferences include the 'Zukunftskonferenz der Lausitz' in Spremberg, 'Decarbonizing Industries' in Düsseldorf, and the 'Fastmarkets EU Battery Raw Materials Conference' in Amsterdam.
CEO Dirk Harbecke and Chief Legal & Operations Officer Kerstin Wedemann will deliver keynote speeches and participate in panel discussions on topics such as electromobility, battery recycling, and securing critical raw materials. The company aims to update industry leaders and investors on the financing progress of its Guben Converter project and the development of its Canadian projects. Rock Tech is preparing for a turnaround in lithium markets and seeks to demonstrate the growth potential of EU battery markets.
Rock Tech Lithium (TSXV: RCK) (OTCQX: RCKTF) has announced promising findings from a peer-reviewed study by the German Lithium Institute. The study confirms that leached spodumene concentrate (LSC), a by-product of Rock Tech's lithium production, can be effectively used as a precursor material in the cement industry. This discovery has significant implications for both the lithium and construction sectors:
1. LSC can replace depleting fly ash from coal power, ensuring supply security for the German cement industry.
2. Adding 20% LSC to Portland cement increases its compressive strength by 10%.
3. The process contributes to reducing CO2 emissions in construction.
4. Rock Tech has filed a patent for the production and use of LSC in cement.
This development aligns with Rock Tech's zero-waste strategy and plans for Europe's first lithium converter in Guben, Brandenburg, with an annual capacity of 24,000 tons of lithium hydroxide.
Rock Tech Lithium Inc. (TSXV: RCK) has selected Worley as its preferred EPCM partner for constructing Europe's first lithium converter in Guben, Brandenburg. This partnership follows Rock Tech's receipt of final building permits and €100 million in funding. The plant, with a capacity of 24,000 tons of lithium hydroxide per year, represents an €800 million investment.
Worley, a global professional services company with 50,000 employees, brings expertise in complex industrial projects, including lithium projects. The Guben converter aims to use 50% recycled battery materials by 2030. Rock Tech plans to start project execution this year, pending financing completion. The project received full permit approvals in May 2024 and has completed comprehensive basic engineering.
Rock Tech Lithium held its 2024 Annual General and Special Meeting of Shareholders on June 28, 2024. During the meeting, shareholders voted on various matters detailed in the company's management information circular dated May 23, 2024. Approximately 13.29% of the issued and outstanding common shares, totaling 13,460,174 shares, were represented. All proposed resolutions were duly authorized and approved by the shareholders.
Rock Tech Lithium has secured a commitment of up to 100 million EUR in grants for its lithium refinery in Guben, Germany. The State of Brandenburg's Ministry for Economic Affairs has committed up to 90 million EUR, while the German Railway Authority may provide an additional 10 million EUR to support train infrastructure. These grants will be distributed as non-dilutive equity over the construction period, contingent on finalizing full equity and debt financing. Additionally, Rock Tech is applying for up to 400 million EUR in federal guarantees to support debt financing. The project aims to build Europe's first lithium converter with an annual capacity of 24,000 tonnes of lithium hydroxide monohydrate, requiring approximately 800 million EUR in total financing.
Rock Tech Lithium has received all construction and operation permit approvals for its German Lithium refinery, a significant milestone in its European battery value-chain expansion. The approvals were handed over by Brandenburg state officials in a ceremony attended by Rock Tech's CEO Dirk Harbecke, regional ministers, and Guben's Mayor.
The refinery will have a capacity of 24,000 tonnes of Lithium-Hydroxide annually, essential for electric vehicle batteries and energy storage systems. This development allows Rock Tech to advance to the final financing stage, with subsidy negotiations and equity term sheets expected soon and a final investment decision anticipated in Q3 2024.
Additionally, Derek Sobel has been appointed as the new Chief Financial Officer, effective June 1, 2024.
Rock Tech Lithium announced it has received full permits for its planned lithium refinery in Guben, Germany. The Brandenburg State Office for the Environment issued the final approval after an extensive review. The refinery will produce 24,000 tons of battery-grade lithium hydroxide annually. CEO Dirk Harbecke highlighted that Rock Tech is the first company in Europe to receive such a permit without any appeals, reflecting the team's dedication and the support of Brandenburg authorities.
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